Tech Thursday – introduction to Apple Pay Cash

An introduction to Apple Pay Cash, just released in Beta to the US only. It’s a peer-to-peer payment system that transfers cash immediately from one consumer to another, bypassing the middle-man (in this case banks). This is not the first such system to be launched, in fact in China they transfer more than NZ$8 trillion between mobile phone users each year. In the US that figure is much smaller, though still huge – around US$160 billion a year.
The difference is that now Apple is doing it, it immediately becomes mainstream and is a service available to hundreds of millions of users around the world. The experience is great, and quite seamless. Sending money is as simple as sending a text, and you don’t need to know the other person’s bank account details. All you need is their mobile number and you’re good to go.

 


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